Volatility continues in the financial markets as jitters remain. There wasn’t any new to reduce them; protests in Hong Kong, a drop in Chinese industrial profits and European economic confidence keep the pressure on. It’s a big news week; the ECB meets on Thursday, we get the ISM reports, and on Friday is the September employment report.
Dec. eMini S&P Futures: It’s a Taylor Trading Technique Sell day; the daily down trend and breakout setups in the other stock indices add to the downside pressure. Watch the 1968 area as an upside pivot point this morning and Friday’s low of 1956.50 down.
Dec. eMini Russell Futures: Breakout setup (ID, NR4). Watch the Friday low of 1104.80 as a pivot point for the downside with the first target area from 1100.20 to 1099.70. Trade or Fade (my breakout trade advisory) has the downside breakout level at 110.240 with a first downside target of 1093.90.
Dec. T Bond Futures: TTT Buy day, although we never really got an initial downside move. Watch the Fibonacci retracement level at 137-30 as a pivot point for the longer term trend; consider being long above 138-07.
Dec. Yen Futures: TTT Buy day. Watch 9130 as the Buy day reference price and 9143 as a pivot point for a rally. Treat longs as a scalp only; 9171 is the first rally objective.
Dec. Euro: As with the Yes, it’s a TTT Buy day for a scalp. 1.2786 is the Buy day reference price with 1.2730 the first rally target.
Dec. Gold: TTT buy day. I’m watching the $1220 area as a pivot point this morning- I’d look to be long above there. For now I would treat longs as a scalp only. I’m watching to see if the daily trend turns up but it hasn’t done so yet.
Dec. Silver: Breakout setup (NR7, doji); it hasn’t made a breakout move yet.
Dec. Cocoa: It’s a TTT Buy day and the trend is still up, although there’s not a great setup to buy it. The 3300 area is support and 3344 as an upside pivot point.
March Sugar: It gapped higher on a TTT Sell Short day; 16.64 was the SS day reference price; downside objectives are 16.50 and then 16.21. A breakout should represent a buying opportunity.
Nov. Crude Oil: It’s an “exit breakout buys” day so a Taylor Trading Technique Sell Short day is anticipated. There’s trend line and moving average support at the overnight low of 92.74- watch that as a pivot point for a selloff. As with sugar, a breakout should represent a buying opportunity.
Dec. Natural Gas: Breakout setup (NR7). Trend line resistance at 4.061 was the second reference price for an upside breakout; the 17 Sept high of 4.100 is the next rally target. Trade or Fade has the upside breakout reference price at 4.087 with a first upside target of 4.142.
Nov. Soybeans: TTT Buy day for a scalp only. It gapped lower on the open last night; fir the day session I would consider buying if it rallies above the overnight high of 910-0.
Dec. Wheat: Overnight rally out of a breakout setup; last week’s high of 484-4 will be a pivot point for a rally this morning.
Essential Guide for Futures Swing Trading
In this guide, experienced trader and broker Scott Hoffman explains the trading methods he uses to analyze and trade the futures markets and to publish his trade advisory, Swing Trader’s Insight.
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